Weekly Hotel Industry Asia Pacific News Roundup from HVS

8M Real Estate Sold 21 Carpenter, Singapore for SGD100 Million

Singapore-based Indonesian billionaire Leo KoGuan has acquired 48-key boutique hotel, 21 Carpenter, for SGD100 million from Singapore-based real estate investment firm, 8M Real Estate. This translates to approximately SGD2.08 million per key, making this one of the largest shophouse hotel deal in Singapore. 8M Real Estate has acquired the property for SGD37 million in 2018, and has added a five-storey extension to redevelop it into a boutique hotel. The property spans a total gross floor area of 2,748 square metres and is situated on a land site with a freshly renewed 99-year leasehold tenure from January 2022. Offering amenities such as a restaurant, fitness centre and an outdoor pool, the hotel is conveniently located directly opposite Clarke Quay Central, a shopping mall with an underground link to Clarke Quay MRT Station. 21 Carpenter is part of the Design Hotels brand by US-based Marriott International.

The Vibe Hotel Gold Coast and Surfers Pavilion Sold in Queensland, Australia

Mr Robert Kuok has sold the 199-key Vibe Hotel Gold Coast and Surfers Pavilion through the Hong Kong-based Shangri-La Group to an undisclosed buyer. Market sources indicate that the property was sold for approximately AUD45 million, translating to around AUD226,130 per key. Located in the prime tourism hub of Surfers Paradise, Queensland, the mixed-use property—which also includes a shopping centre and marina—benefits from its proximity to the Esplanade and key local attractions. The freehold property spans 4,679 square metres and features one food and beverage outlet, four meeting rooms, a fitness centre, and an outdoor swimming pool. Additionally, it includes 35 electronic gambling machine entitlements valued at AUD16.3 million. It is understood that Mr Robert Kuok acquired the property for approximately AUD46 million in 2016. 

SC Capital Has Acquired Hotel Gran Cerezo Kagoshima in Kagoshima, Japan

Singapore-based SC Capital Partners Pte. Ltd. (“SC Capital”) has completed the acquisition of the 165-key Hotel Gran Cerezo Kagoshima for an undisclosed amount through its Japan Hospitality Fund I which is 40% owned by Singapore-based Capitaland Investment Limited. Located in the heart of Kagoshima, the hotel offers convenient access to historical landmarks as well as transport links to the Shinkansen and Kagoshima Airport. SC Capital plans to rebrand the property under the Oriental Express brand, with operational upgrades and a comprehensive refurbishment planned to elevate the hotel’s performance. Renamed as the Hotel Oriental Express Kagoshima Tenmonkan, the hotel will be operated by SC Capital division Hotel Management Japan. The property currently features two food and beverage outlets, a fitness centre, and an onsen facility. This acquisition aligns with SC Capital’s strategy to expand its presence in Japan’s hospitality market, where it has invested over USD1 billion in 59 hotels and more than 13,000 rooms since 2010.

 Real Vantage and Oberland have Completed the Acquisition of Arthouse Hotel Glasgow, Scotland for GBP12 Million

Singapore-based Real Vantage Singapore Pte. Ltd. (“Real Vantage”) has completed the acquisition of Arthouse Hotel Glasgow through an 85-15 joint venture with UK-based asset manager Oberland LLP (“Oberland”) for GBP12 million. The acquisition price translates to approximately GBP203,000 per key. Built in 1829, the 59-key property is set to undergo significant renovations and is slated to reopen with 74 keys by Q4 2025. The property currently features a restaurant, a bar, and function spaces. Conveniently located, the hotel offers easy access to Glasgow’s cultural attractions and is just a 15-minute drive from Glasgow Airport, ensuring strong connectivity for visitors. London-based C1 Capital Partners has been appointed the interim operator for the hotel.

Tokyo Asset Solution Acquires Site to Develop New Hotel in Atami City, Japan

Japan-based Tokyo Asset Solution Co. Ltd has acquired a site in Atami City, located in Shizuoka Prefecture, Japan, for the development of a new hotel at an undisclosed sum. The planned property, tentatively named “Atami Umezono Hotel” will feature 58 keys across seven storeys. The site spans 3,601 square metres (“sqm”) with a total floor area of 5,343 sqm. The hotel is scheduled to open in the latter half of 2027. Situated approximately 100 kilometres southwest of Tokyo and easily accessible via the Tokaido Shinkansen in under an hour, Atami is a popular coastal destination known for its scenic ocean views and hot springs. The upcoming hotel is expected to benefit from the city’s year-round appeal to domestic and international travellers alike. 

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